In re CTI Biopharma Corp. Securities Litigation

ORDER AWARDING ATTORNEYS' FEES AND REIMBURSEMENT
OF LITIGATION EXPENSES

Robert
S. Lasnik, United States District Judge

This
matter came on for hearing on February 1, 2018 (the
“Settlement Hearing”) on Lead Counsel's
application for an award of attorneys' fees and
reimbursement of Litigation Expenses. The Court having
considered all matters submitted to it at the Settlement
Hearing and otherwise; and it appearing that notice of the
Settlement Hearing substantially in the form approved by the
Court was mailed to all Settlement Class Members who or which
could be identified with reasonable effort, and that a
summary notice of the hearing substantially in the form
approved by the Court was published in Investor's
Business Daily and was transmitted over the PR
Newswire pursuant to the specifications of the Court;
and the Court having considered and determined the fairness
and reasonableness of the award of attorneys' fees and
Litigation Expenses requested, NOW, THEREFORE, IT IS HEREBY
ORDERED THAT:

1. This
Order incorporates by reference the definitions in the
Stipulation and Agreement of Settlement dated September 15,
2017 (ECF No. 106-2) (the “Stipulation”) and all
capitalized terms not otherwise defined herein shall have the
same meanings as set forth in the Stipulation.

2. The
Court has jurisdiction to enter this Order and over the
subject matter of the Action and all parties to the Action,
including all Settlement Class Members.

3.
Notice of Lead Counsel's request for an award of
attorneys' fees and reimbursement of Litigation Expenses
was given to all Settlement Class Members who could be
identified with reasonable effort. The form and method of
notifying the Settlement Class of the motion for an award of
attorneys' fees and expenses satisfied the requirements
of Rule 23 of the Federal Rules of Civil Procedure, the
Private Securities Litigation Reform Act of 1995 (15 U.S.C.
§ 78u-4(a)(7)), due process, and all other applicable
law and rules, constituted the best notice practicable under
the circumstances, and constituted due and sufficient notice
to all persons and entities entitled thereto.

4.
Plaintiffs' Counsel are hereby awarded attorneys'
fees in the amount of 20% of the Settlement Fund (including
interest accrued on the Settlement Amount), and $123, 211.61
in reimbursement of Plaintiffs' Counsel's litigation
expenses (which fees and expenses shall be paid from the
Settlement Fund), which sums the Court finds to be fair and
reasonable. Lead Counsel shall allocate the attorneys'
fees awarded amongst Plaintiffs' Counsel in a manner
which it, in good faith, believes reflects the contributions
of such counsel to the institution, prosecution and
settlement of the Action.

5. In
making this award of attorneys' fees and reimbursement of
expenses to be paid from the Settlement Fund, the Court has
considered and found that:

(a) The Settlement has created a fund of $20, 000, 000 in
cash that has been funded into escrow pursuant to the terms
of the Stipulation, and that numerous Settlement Class
Members who submit acceptable Claim Forms will benefit from
the Settlement that occurred because of the efforts of
Plaintiffs' Counsel;

(b) The fee sought is based on a retainer agreement entered
into between Lead Plaintiff, a sophisticated institutional
investor that actively supervised the Action, and Lead
Counsel at the outset of the Action; and the requested fee
has been reviewed and approved as reasonable by Lead
Plaintiff;

(c) Copies of the Notice were mailed to over 21, 000
potential Settlement Class Members and nominees stating that
Lead Counsel would apply for attorneys' fees in an amount
not exceed 20% of the Settlement Fund and reimbursement of
Litigation Expenses in an amount not to exceed $200, 000, and
no objections to the requested attorneys' fees and
expenses were received;

(d) Lead Counsel conducted the litigation and achieved the
Settlement with skill, perseverance and diligent advocacy;

(e) The Action raised a number of complex issues;

(f) Had Lead Counsel not achieved the Settlement there would
remain a significant risk that Lead Plaintiff and the other
members of the Settlement Class may have recovered less or
nothing from Defendants;

(g) Plaintiffs' Counsel devoted over 2, 900 hours, with a
lodestar value of approximately $1, 661, 000, to ...

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